Risk Planning and Management

Risk Planning and Management

Daniel M. Brandon (Christian Brothers University, USA)
Copyright: © 2006 |Pages: 26
DOI: 10.4018/978-1-59140-693-8.ch008
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Abstract

Success today in the business world (whether as an employee, manager, executive, or self-employed businessperson) involves taking some risks. The systems that are changing the world today are very risky, but the payback is enormous (DeMarco & Lister, 2003). One needs to know how to manage risk, however, including how to identify risk sources, quantify risk parameters, and develop plans to handle risk; these are the topics covered in this chapter. Risks are inevitable in projects (particularly IT projects), and if a PM does not practice sound risk management, that PM may constantly be in a crisis-management mode. The high failure rate of modern large IT projects, such as those involving EAI/ERP, CRM, and SCM, is largely due to senior management and project management’s failure to assess risks up front and to mitigate the causes of the greatest risks at the start of the project (Gibson, 2003). An adequate analysis of potential risks can significantly increase the likelihood of success for a project and can justify dollar amounts set aside for management reserves. “Risk management is increasingly seen as one of the main jobs of project managers” (Sommerville, 2003).

Complete Chapter List

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Dedication
Table of Contents
Acknowledgment
Chapter 1
Daniel M. Brandon
In the last few years, information technology (IT) has significantly impacted the operation of most businesses, and even though most corporations... Sample PDF
Today's IT Environment
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Chapter 2
Daniel M. Brandon
A key factor leading to the continued failure in IT projects is the lack of identification and appreciation for all the major components of project... Sample PDF
Critical Success Factors for IT Projects
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Chapter 3
Daniel M. Brandon
Careful selection of which projects to initiate is vital to the success of an organization. Project initiation represents a future commitment of... Sample PDF
Project Selection and Initiation
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Chapter 4
Daniel M. Brandon
Professional organizations that have developed around the world to foster the project management discipline (Morris, 2001) have recognized that a... Sample PDF
The Project Management Discipline
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Chapter 5
Daniel M. Brandon
Software engineering is vital for the proper planning of IT projects, although it is not a formal part of project management. The software... Sample PDF
The Software Engineering Discipline
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Chapter 6
Daniel M. Brandon
Getting off to a fast start in the right direction is important in any endeavor. This chapter discusses overall project planning and requirement... Sample PDF
Project Overall Planning
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Chapter 7
Daniel M. Brandon
The Project Management Institute (PMI) project management process groups include initiation, planning, execution, control, and closing. In practice... Sample PDF
Developing the Schedule and Cost Plan
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Chapter 8
Daniel M. Brandon
Success today in the business world (whether as an employee, manager, executive, or self-employed businessperson) involves taking some risks. The... Sample PDF
Risk Planning and Management
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Chapter 9
Daniel M. Brandon
In fairy tales and traditional romance movies, the story ended when the prince found his soul mate, married her, and rode off with her into the... Sample PDF
Project Execution and Control
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Chapter 10
Managing Quality  (pages 202-233)
Daniel M. Brandon
Quality is defined by PMI as conformance to requirements, specifications, standards and fitness for use (PMI, 2000). Part of this definition is... Sample PDF
Managing Quality
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Chapter 11
Daniel M. Brandon
Change is a fact of life for most projects, particularly IT projects. The biggest single cause of project overruns is changes in scope (Hallows... Sample PDF
Change and Closeout Management
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Chapter 12
Daniel M. Brandon
Many IT projects involve the purchasing of goods and/or services, and some IT projects are mostly procurement activities, at least from a cost... Sample PDF
Procurement and Outsourcing
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Chapter 13
Stakeholder Management  (pages 274-308)
Daniel M. Brandon
The identification and management of a project’s stakeholders is vital to the complete success of a project. Well-planned and properly-executed... Sample PDF
Stakeholder Management
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Chapter 14
Daniel M. Brandon
A PM must report on the project’s performance to the upper management of the performing organization and perhaps also to the benefiting... Sample PDF
Performance Reporting and Earned Value Analysis
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Chapter 15
Daniel M. Brandon
A vast amount of project management software is available today in a wide variety of capabilities, applicability, platform requirements, and prices.... Sample PDF
Software Systems for Project Management
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Chapter 16
Daniel M. Brandon
Managing IT projects and being on an IT project team used to be simpler. PMs typically had one project to manage, and team members were on only one... Sample PDF
Managing Multiple Projects
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Glossary and Acronyms
About the Author